Cybercriminals can execute highly sophisticated attacks, but it’s often the lax cybersecurity practices that lead to most breaches, especially among small and mid-sized businesses (SMBs).
Many small business owners don’t prioritize cybersecurity. They may be entirely focused on growing their company, believe they have a lower risk of data breaches, or think cybersecurity is an unaffordable expense.
However, cybersecurity isn’t just a concern for large corporations; it’s crucial for small businesses too. Cybercriminals often target small businesses due to perceived vulnerabilities.
Half of SMBs have experienced cyberattacks, and over 60% of those affected go out of business afterward.
The good news is that cybersecurity doesn’t have to be costly. Most data breaches result from human error, meaning that improving cyber hygiene can significantly reduce the risk of an attack.
Are You Falling Into These Cybersecurity Traps?
To tackle cybersecurity issues, it’s crucial to first identify the problems. Often, teams at small and mid-sized businesses (SMBs) make mistakes without realizing it. Below are some of the main reasons small businesses fall victim to cyberattacks. See if any of these sound familiar in your company.
1. Underestimating the Threat
Many SMBs mistakenly believe they’re too small to be targeted by cybercriminals. However, this misconception makes them easy targets. No business is too small for cyberattacks, so proactive cybersecurity is paramount.
A great example of this would be the 2013 data breach of Target department stores in the US. Cybercriminals comprimised a small, third-party vendor called “Fazio Mechanical” that was contracted by Target. Once they were comprimised, Target was just a skipping stone away for these Cybercriminals.
So as you can see, even if you think your business is “too small to be a target,” you could still become collateral damage in a larger attack on an organization that may or may not be directly linked to your business.
2. Not implementing Employee Training
Our favourite analogy that we like use is that your computer network is like a medieval castle… You might have top of the line protections like a moat and draw bridge (Your firewall), you might have armed guards (Multi-factor & Biometric authentication), you might even have trip wires at the entrance (Best practices, Anti-Malware software, Intrusion Detection Systems, etc). None of that matters if someone (your staff) on the inside of the castle opens a side window or door for the bad guys to enter (phishing, vishing, social engineering attacks, etc.), even if unknowingly doing so.
So, how do we solve this? By training your staff to become another line of defence. Making them virtual guardians stopping cybercriminals in their tracks from getting to your treasure (your data) and arming them with one of the most effective weapons known to man…. Education!
Our cybersecurity training helps users to do the following:
- Recognize phishing attempts.
- Understand the importance of strong passwords.
- Be aware of social engineering tactics used by cybercriminals.
- Take precaution when issuing information.
- Learn about the dangers of public wifi and USB devices.
- Shape procedures and processes with cybersecurity at the forefront.
As an added bonus, we also include Dark Web Monitoring into our Cyber Security plan so that if any credentials are discovered on the Dark Web matching their domain, it is reported, giving Staff an opportunity to change any comprimised credentials before the cybercriminals get in!
3.Weak (Insecure) Passwords
We get it, everything these days requires it’s own login, It’s frustrating trying to remember passwords for every system. But creating Weak passwords is something that the bad guys are counting on! Many employees use easily guessable passwords. They also reuse the same password for several accounts including personal accounts. This can leave your company’s sensitive information exposed to hackers.
People reuse passwords 64% of the time.
Encourage the use of strong, unique passwords. Consider implementing multi-factor authentication (MFA) wherever possible. This adds an extra layer of security.
We also recommend using a password manager like Keeper that allows your staff to store & manage their own passwords (Personal Vault) as well as securely share company-wide passwords (Company Vault) in the same app allowing you to only need to remember 1 master password.
4. Ignoring Software Updates
Neglecting to update software and operating systems is a common mistake. Cybercriminals exploit known vulnerabilities in outdated software to access systems. Small businesses should regularly update their software, including operating systems, web browsers, and antivirus programs, to patch these security flaws.
We implement a ‘patch policy’ for our managed services clients which automates this.
5. No Data Backup Plan
Many small businesses operate without clear policies and procedures. Without enforceable security policies, employees may not know how to handle sensitive data, use company devices securely, or respond to security incidents.
Small businesses should establish formal security policies and procedures and communicate them to all employees. These policies should cover:
- Password management
- Data handling
- Incident reporting
- Remote work security
- Other security topics
7. Overlooking Mobile Security
With the increasing use of mobile devices for work, mobile security has become crucial. However, small businesses often overlook this aspect of cybersecurity.
Implement mobile device management (MDM) solutions to enforce security policies on both company- and employee-owned devices used for work-related activities.
8. Failing to Regularly Monitor Networks
Many SMBs lack IT staff to monitor their networks for suspicious activities, leading to delayed detection of security breaches.
Install network monitoring tools or consider outsourcing network monitoring services. This can help your business promptly identify and respond to potential threats.
9. No Incident Response Plan
Without an incident response plan, SMBs may panic and respond ineffectively during a cybersecurity incident.
Develop a comprehensive incident response plan that outlines the steps to take when a security incident occurs. This should include communication plans, isolation procedures, and a clear chain of command.
10. Thinking They Don’t Need Managed IT Services
Cyber threats are constantly evolving, with new attack techniques emerging regularly. Small businesses often struggle to keep up and may believe they are “too small” to invest in managed IT services.
However, managed services come in various packages, including those tailored for SMB budgets. A managed service provider (MSP) can protect your business from cyberattacks and save you money by optimizing your IT.
Learn More About Managed IT Services
Don’t risk your business falling victim to a cyberattack. Like with most things, prevention is better than the cure. Managed IT services can be more affordable for your small business than you might think.
Contact us today to schedule a chat.
This Article has been Republished with Permission from The Technology Press.
